Disruptions through the global supply chain continue to create opportunities for criminals to infiltrate and access cargo says the TT Club.
That’s according to the international freight transport insurer TT Club’s second edition of its regularly published Supply Chain Security Bulletin.
“The risk landscape is constantly evolving; the criminal organisations providing the threat are getting ever more sophisticated,” said Mike Yarwood, TT’s managing director, loss prevention.
”At this time, it would be prudent for those throughout the international supply chain to heighten their levels of awareness and increase their vigilance when carrying out financial transactions. The insider threat clearly also needs to be managed.”
Volatile environment
TT Club said the ongoing impacts of the pandemic blight economies, variable consumer demand trends, labour disputes and the war in Ukraine all have an influence on continuing the profoundly dynamic global supply chain situation.
Congestion at ports and other freight hubs, mismatches in the availability of transport equipment and ships in relation to demand are all consequences of this volatile environment.
The Club’s latest bulletin highlights that such disruption can create opportunities for those with criminal intent and highlights a series of risk trends and in particular cargo theft.
Data utilised for this bulletin highlight the preponderance of electrical goods as targets globally, with the US reporting over 70% of these losses. The split in general between theft from vehicles and depots is in the order of two-thirds versus one-third. This is a consistent finding; though vehicles ‘at rest’ as opposed to hijackings are more prevalent targets.
The threat posed by the insider continues to present challenges. TT’s analysis for 2022 suggests that around 23% of reported cargo thefts likely involved insider activity, whether it is in facilitating intricate knowledge of systems and security provisions or simply allowing access to criminals.
Digital solutions to enhance the free-flow of goods within a disruptive supply chain environment, however well designed, is a further trend which can give rise to internet-enabled fraud. Computer generated access is creating opportunities to steal cargo through seemingly legitimate transactions.
Other issues in this latest edition of the Supply Chain Security Bulletin are the power of social media as a means of investigation; the threat imposed by fake carriers in Europe and a special focus on theft in Papua New Guinea.
